FOR IMMEDIATE RELEASE:
November 10, 2008
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
Commissioner
(402) 471-5604
David Dearmont, Ph.D., Research Administrator
(402) 471-5700
GENERAL FUND RECEIPTS — OCTOBER 2008
LINCOLN — Tax Commissioner Douglas Ewald reported Monday that total gross General Fund receipts for the month of October were $245,975,775, 1.7 percent higher than the projected amount of $241,782,000. For the month of October, gross Sales and Use, Corporate Income and Miscellaneous taxes were ahead of projections by 2.2, 3.2 and 38.7 percent, respectively. Gross Individual Income tax receipts were below forecast by 3.3 percent.
Total refunds for the month of October were $45,019,866 which is 17.0 percent above the projected amount of $38,480,000.
Ewald also said that net receipts were below projections for the month of October by $2,346,091. After refunds, total net receipts for the month were $200,955,909, or 1.2 percent below the projected amount of $203,302,000. For the month of October, net Corporate Income and Miscellaneous taxes were ahead of projections by 19.3 and 39.0 percent, respectively. Net General Fund receipts for Sales and Use and Individual Income tax were below projections by 3.2 and 4.5 percent respectively.
Ewald noted that net receipts were ahead of projections for the first four months of fiscal year 2008-09 by $22,188,328. After refunds, total net receipts for the fiscal year through October were $1,087,654,328, which is above the projected total of $1,065,446,000 by 2.1 percent. For the fiscal year to date, net General Fund receipts for Sales and Use, Individual Income, Corporate Income, and Miscellaneous taxes were above the projections by 1.0, 0.5, 6.7 and 17.9 percent, respectively.
The comparisons in this news release are based on the forecast made by the Nebraska Economic Forecasting Advisory Board on February 22, 2008. This forecast was adjusted for legislation passed by the 2008 Legislature, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 15, 2008. On October 31, 2008, the forecasting board met and revised the fiscal year 2008-09 forecast upward by $14.3 million dollars. By law, only downward revisions to the forecast are certified, thus the comparisons made in this release are made on the basis of the February 2008 certified forecast.
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APPROVED:
Douglas A. Ewald
Tax Commissioner
TOTAL |
TOTAL |
DIFFERENCE |
PERCENT |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
CUMULATIVE |
|
July |
$191,496,1526 |
$203,026,000 |
(11,529,848) |
(5.7) |
$191,496,152 |
$203,026,000 |
(11,529,848) |
(5.7) |
August |
319,749,742 |
295,381,000 |
24,368,742 |
8.2 |
511,245,894 |
498,407,000 |
12,838,894 |
2.6 |
September |
375,452,525 |
363,757,000 |
11,695,525 |
3.2 |
886,698,420 |
862,164,000 |
24,534,420 |
2.8 |
October |
200,955,909 |
203,302,000 |
(2,346,091) |
(1.2) |
1,087,654,328 |
1,065,466,000 |
22,188,328 |
2.1 |
| OCTOBER ACTUAL |
OCTOBER PROJECTED* |
DIFFERENCE | PERCENT DIFFERENCE |
CUMULATIVE ACTUAL |
CUMULATIVE PROJECTED* |
CUMULATIVE DIFFERENCE |
CUMULATIVE PERCENT DIFFERENCE |
|
|---|---|---|---|---|---|---|---|---|
| GROSS RECEIPTS |
||||||||
Sales & Use Tax |
$148,919,072 | $145,645,000 |
$3,274,072 |
2.2 |
$589,767,500 |
$586,215,000 |
$3,552,500 |
0.6 |
Ind Income Tax |
73,306,945 |
75,782,000 |
(2,475,055) |
(3.3) |
517,480,805 |
506,163,000 |
11,317,805 |
2.2 |
Corp Income Tax |
13,035,405 |
12,630,000 |
405,405 |
3.2 |
74,767,910 |
73,139,000 |
1,628,910 |
2.2 |
Misc Taxes |
10,714,353 |
7,725,000 |
2,989,353 |
38.7 |
71,983,123 |
61,245,000 |
10,738,123 |
17.5 |
Total Gross |
$245,975,775 | $241,782,000 |
$4,193,775 |
1.7 |
$1,253,999,338 |
$1,226,760,000 |
$27,239,338 |
2.2 |
| REFUNDS |
||||||||
Total Refunds |
$45,019,866 |
$38,480,000 |
$6,539,866 |
17.0 |
$166,345,010 |
$161,295,000 |
$5,050,010 |
3.1 |
| NET RECEIPTS |
||||||||
Sales & Use Tax |
$112,652,600 |
$116,431,000 |
($3,778,400) |
(3.2) |
$454,882,348 |
$450,428,000 |
$4,454,348 |
1.0 |
Ind Income Tax |
67,462,280 |
70,675,000 |
(3,212,720) |
(4.5) |
493,598,930 |
491,040,000 |
2,558,931 |
0.5 |
Corp Income Tax |
10,152,582 |
8,510,000 |
1,642,582 |
19.3 |
67,297,470 |
63,055,000 |
4,242,470 |
6.7 |
Misc Taxes |
10,688,447 |
7,687,000 |
3,001,447 |
39.0 |
71,875,580 |
60,943,000 |
10,932,580 |
17.9 |
Total Net |
200,955,909 | $203,302,000 |
($2,346,091) |
(1.2) |
$1,087,654,328 |
$1,065,466,000 |
$22,188,328 |
2.1 |
*The projected amounts used in this comparison were set at the February 22, 2008 meeting of the Nebraska Economic Forecasting Advisory Board.